- Cardano was persistent at the second time of testing to break through $1.5.
- The coin is now trying to employ the same tactics to make it past $1.8.
- ADAUSD is now retracing to shoot up to $2 with an all-time high of $2.47 in sight.
It is a make or break for ADAUSD at the $1.80 resistance level. Since going under $1.5 on the 17th of June 2021, ADA has had to stay for 54 days in confinement as the coin did not fall below $1 either. Price first tested the resistance level on the 4th of July, but it pulled back meekly to $1 after being dismissed. Bulls will go on to revive the market, and in the next 20 days, the crypto would be back to confronting the $1.5 resistance.
ADAUSD Key Levels
Resistance Levels: $1.8, $2, $2.47
Support Levels: $0.7, $1, $1.5
ADAUSD Long Term Trend: Bullish
Cardano was persistent at the second time of testing the $1.5 resistance and, surprisingly, the resistance gave way easily. This allowed the coin a jolly ride of a 20% price increase to the next resistance. Still full of bullish momentum, ADAUSD attempted to immediately break through $1.8, and it actually did, only to be drawn back below. Cardano is now trying to employ the same tactics it used to make it past $1.5, and it is passing its second day below the resistance.
As of the time of writing, the coin is trading at $1.76. The market is still full of bullish vigor and the Parabolic SAR (Stop and Reverse) confirms this. It has aligned several dots below the daily candles and even the latest candle, which is currently bearish, has not deterred it from adding the bullish dot indication below the candle for today.
ADAUSD Short Term Trend: Bearish Retracement
On the 4-hour chart, ADAUSD has been rejected at the resistance zone. The RSI (Relative Strength Index) indicator, which had climbed deeply into the overbought region, has now dipped to the 62 mark. This is likely to just be a short-term retracement and Cardano is still full of bullish energy. The market will likely bounce back before it gets to $1.5. The 50% Fibonacci ratio is a potential support level to look out for a market reversal.
After retracing, ADAUSD will likely make a bullish move to $2 with an all-time high of $2.47 in sight.
Also read: Cardano Price Prediction 2021 and Beyond – Is ADA Price Going to Explode After Launching Smart Contracts?
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